July 12, 2007	Thursday	Jamadi-us-Sani 26, 1428

QUETTA, July 11: A steering committee has been formed to review and finalise the draft of the mineral agreement prepared by Tethyan Copper Company to be signed with the governments of Pakistan and Balochistan for the exploration of copper and gold in Reko-Dik area of Chagai district.

A high-level meeting presided over by Chief Minister Jam Mir Mohammad Yousuf reviewed the proposed agreement regarding Reko-Dik Cooper and Gold development project in detail.

The meeting after reviewing the proposed mineral agreement in detail decided to form a steering committee comprising of chairman Federal Board of Revenue, secretary Pakistan Railways, secretary Mineral and Natural Resources and chief secretary Balochistan.

Before signing the agreement President Pervez Musharraf and Prime Minister Shaukat Aziz would also be briefed about the project.

The meeting was informed that under the agreement tax and royalty would be imposed on the project. Besides, the company would be responsible for completing the project along with economic and social development of the area. It will enter into joint venture with local companies for the purchase of machinery and will provide jobs to the local people in the project.

The federal and provincial governments would be responsible for providing basic infrastructure, including roads, railway line and power supply to the project.

Chairman of Tethyan Cooper Company Alex Devidson informed the meeting that major shares of the company were purchased by Anto-Fagasta and Barrick Gold Corporation Canada and it was working on Riko-Dik Cooper and Gold project with the collaboration of BDA. He said that from 1993 to 2006 $30 million had been invested in initial drilling work. The investment will reach $46 million US till the end of 2007.